Canara Bank raises fixed deposit rates by 0.2 per cent

By: |
December 3, 2020 9:26 PM

For fixed deposits with tenure of 3-10 years, the interest rate has been increased to 5.5 per cent from 5.3 per cent.

Senior citizens are offered 0.50 per cent extra on the revised rates. (Photo Source: IE)

State-owned Canara Bank has raised its rates by 0.2 per cent for fixed deposits having a maturity period of at least two years.

With the increase, fixed deposits with tenure of two years but less than three years will now fetch 5.4 per cent from a rate of 5.2 per cent earlier, the bank said in a statement on Thursday.

For fixed deposits with tenure of 3-10 years, the interest rate has been increased to 5.5 per cent from 5.3 per cent.

Senior citizens are offered 0.50 per cent extra on the revised rates, the statement said.

The new rates are effective from November 27.

With the latest revision in rates, Canara Bank is offering the highest interest rate for fixed deposits having tenure of 2-10 years among all the other public sector banks, as per the statement.

Canara Bank’s rate hike comes just a day before the Reserve Bank of India’s bi-monthly monetary policy announcement. The central bank is expected to keep benchmark policy rate unchanged at 4 per cent.

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